Difference Between Freehold And Leasehold Property In Dubai
Freehold or Leasehold? Check out all the advantages & disadvantages of both so that you can buy your dream property in Dubai this time.
Freehold or Leasehold? Check out all the advantages & disadvantages of both so that you can buy your dream property in Dubai this time.
Are you planning to buy a property in Dubai? Did You know there are two types of property categories available in this city? One is freehold and the other is leasehold, whom should you choose? Did You know what are the differences & advantages of these property types?
Learn more and understand the difference between freehold and leasehold property in Dubai and make your choice with the right option in this blog.
In 2002, Dubai city had not any provision to allow the ex-pats to invest in property in the city and for that reason, 70% of the country’s population choose other countries for investment. But later in 2001, the government of Dubai allowed expatriates to get a 99-years lease of properties in some of the designated areas of Dubai City.
And then in 2002 Dubai government again issued a freehold decree where it allowed foreign nationals to purchase, sell, lease, and rent properties. The investor’s minimum age should be 21 years to own property according to it.
Freehold & Leasehold are two types of legal property ownership for ex-pats. If you’ve already made up your mind to purchase a property in Dubai then you must have to understand the difference as well as the advantages and disadvantages before taking any decision.
Such type of property allows the owner complete ownership in Dubai. Once your name gets registered by the DLD ( Dubai Land Department) as the owner of the property and they grant you a title deed for the property from then on the property is in your name. And you can freely sell, and rent the property according to you.
Advantages
Disadvantages
There are multiple property options are available in Dubai. Always keep in mind that you can buy freehold properties in specific freehold areas in Dubai like Dubai Hill Estate, Downtown Dubai, Arabian Ranches and Dubai Marina.
Leasehold properties are lease based, where you are buying the property on lease from the owner of that property for a certain period (it can be 99 years or less). Buyers of such type of property can’t show ownership or even no rights to remodeling, repairment, alterations and whatever you want to do with the property. Buyers need to get permission from the property owner for doing such activities.
Advantages
Disadvantage
Dubai Silicon Oasis and Green community is the best place in Dubai where you can have multiple options for a leasehold property. There are also other places designated for a leasehold property, you can purchase from there also. You can choose an apartment or villa for leasehold option and it is entirely depending on you.
Dubai is a hot zone for investors across the world these days and there are various reasons behind it. The city is known for sky-piercing towers, luxury lifestyle and plenty of entertainment galore. The city is quite advanced in technology and it is always surprising with something unique like Palm Jumeirah Island – the first artificial island on earth shaped like a palm tree.
If you’ll give a close look at this city you will understand there are plenty of opportunities that can make your life better as compared to other cities. From education to health service, career, lifestyle and business opportunities every field are well developed and one can set up their lifestyle forever in this city. I mean, no one would leave such a place where they are getting all these opportunities at a single address. So, whether you are living or investing you will enjoy endless benefits in return.
This is the final crux between the two property types where you have seen a clear difference between freehold and leasehold. Besides this, each property has its own advantages and disadvantages, perks as well as benefits.
After concluding both of them it becomes a foremost duty for the buyer to make a wise decision by evaluating its advantages & disadvantages and then be a part of the property that makes you proud every time in Dubai.